Nigeria’s inflation rate rises to 17.71%

The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rose to its highest level in 11 months, rising from 16.82% recorded in April 2022 to 17.71%.

The consumer price index, which measures the rate of inflation rose by 17.71% year-on-year in May 2022, which is 0.89% points higher than the 16.82% recorded in the previous month (April 2022). On a month-on-month basis, the headline index increased by 1.78% in May 2022, compared to the 1.76% increase recorded in the previous month.

Similarly, the urban inflation rate increased to 18.24% (year-on-year); this is a 0.27% decline compared to 18.51% recorded in May 2021. On the other hand, the rural inflation rate increased to 17.21% in May 2022 (year-on-year) basis; this is a 0.15% decline compared to 17.36% recorded in the corresponding month of 2021.

On food inflation the  closely watched index rose by 19.5% year-on-year in May 2022, representing a 1.13% points uptick compared to 18.37% recorded in the previous month and 2.78% decline compared to the corresponding period of 2021 (22.28%).

This rise in the food index was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils.